The nearer a residential lease in Chalfont St Peter nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Chalfont St Peter will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Chalfont St Peter with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Regardless of whether you are a tenant or a freeholder in Chalfont St Peter,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chalfont St Peter valuers.
Off the back of unsuccessful discussions with the landlord of her two bedroom apartment in Chalfont St Peter, Niamh initiated the lease extension process just as her lease was approaching the critical 80-year mark. The transaction was finalised in March 2015. The freeholder’s charges were kept to an absolute minimum.
Last October we were phoned by Mr and Mrs. E Edwards , who moved into a basement flat in Chalfont St Peter in January 2003. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Identical premises in Chalfont St Peter with an extended lease were valued about £290,000. The mid-range ground rent payable was £45 collected annually. The lease elapsed on 11 April 2098. Having 73 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.
An example of a Lease Extension decision for a Chalfont St Peter property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired residue of the current lease was 71 years.